Streem raises more cash for AR-powered home improvement tech, hints at larger vision

Investors are pouring more money into Streem, the Portland, Ore.-based startup that develops augmented reality technology for home service professionals and has hinted at a larger vision beyond fixing your sink or repairing an electrical issue.

Streem CEO Ryan Fink. (Photo via Streem)

A new SEC filing reveals that the company has raised an additional $6.8 million. Streem CEO Ryan Fink told GeekWire that the fresh cash is part of a larger round, but declined to provide more details about investors or how the startup will use the investment.

Streem aims to give home service professionals a way to more quickly diagnose and quote a customer’s inquiry via new smartphone technology. Customers can use Streem’s app to stream HD video of their given issue to the professional, who can then use a digital toolbox to take measurements and other notes. Computer vision technology can automatically detect the brand and model number of a part or appliance. Professionals can guide the conversation with a laser pointer and use arrows anchored to a 3D map of the space. The photos, videos, notes, and data stay saved on the app, which uses Apple’s ARKit.

The idea is to help professionals assess a problem during a “virtual visit” and gather the necessary tools, all before they physically enter a home.

During a pitch this past summer, Fink said Streem was on pace to do $100,000 in monthly recurring revenue by the end of 2018 and could triple that by the end of next year.

In an interview with Digital Trends earlier this year, Fink said he wants “to open Streem up to everybody.”

“No matter if you’re a chef; you own a local store; you’re a YouTube celebrity — you want to connect with your customers in a more personal way,” he told Digital Trends. “We want you to be able to do that through Streem.”

Gene Munster, co-founder of Loup Ventures, wrote a blog post in September about backing Streem and said he invested “as a play on augmented reality transforming human interaction.”

“We define augmented reality as the layering of artificial sensory elements onto the real world,” wrote Munster, who is well-known for predicting Apple’s success. “While the smartphone will be the hardware that enables basic augmented reality applications over the next few years, AR will eventually be delivered by wearables that replace the screen as we know it.”

Munster said Streem’s technology not only can add value in home services, but also other customer support verticals — in the auto industry, for example.

“For example, a new car buyer may find it difficult to operate the entertainment system or fold down the third row of seating,” he wrote. “Streem allows a direct, cost-effective connection between a consumer and a manufacturer. Manufacturers win because the interaction builds brand loyalty; consumers win because they get thorough and timely assistance.”

Taylor Soper is a GeekWire staff reporter who covers a wide variety of tech assignments, including emerging startups in Seattle and Portland, the sharing economy and the intersection of technology and sports. Follow him @taylor_soper and email taylor@geekwire.com.